- Industry: Metals & Mining
- Type: Publication series
- Date: 8/20/2012
KPMG's Global Commodity Insights Bulletin on nickel provides an overview of recent global events and outlook for that commodity, details of major developments and projects, and recent regulatory changes.
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- During Q2 2012, refined nickel prices averaged US$7.73/lb on the London Metal Exchange, down 30 percent from the corresponding quarter last year.
- Oversupply, in combination with a slow down in consumption due to a weak global economy, is exerting downward pressure on prices.
- For 2012, global nickel mine production has been forecast to increase by 4 percent, to reach 1.97Mt, as production commences from Xstrata’s Koniambo mine, First Quantum’s Kevitsa mine and other projects continue expanding in Australia and Africa.
- In 2012, growth in production of refined nickel is expected to be driven mostly by higher production at BHP Billiton’s Nickel West Kwinana refinery.
- Growth in nickel consumption has slowed because of the effects of sovereign debt crisis in Europe, slow recovery in the U.S. and a slowdown in industrial growth in China.